Independent Legal
Advice for Mortgages

Taking out a mortgage is a big commitment – and it’s important you understand the risks before you sign on the dotted line.

Without the right legal advice from the outset, you could face unexpected complications or costs – especially if it’s not a standard transaction. For example, you might be helping a family member purchase their first home, providing a personal guarantee for a buy-to-let loan, or looking for an Islamic mortgage.

Why do I need independent legal advice on my mortgage?

Legal advice from a trusted source can help simplify the mortgage process and save you money in the long run. It’s a good idea to engage a solicitor as soon as you’ve made an offer on a property, so they have time to understand your situation and act in your best interests.

Although some estate agents might recommend conveyancing firms, appointing a solicitor of your choice can help reduce potential risks and ensure complete independence.

Attwaters has a proven track record of assisting clients with the mortgage and remortgage process. Our experienced residential property team will check the offer from your lender and flag up any conditions that might be difficult to meet now or in the future.

We can also provide specialist support for more complicated mortgage transactions, helping you understand the financial implications and providing independent legal advice certificates where needed.

Joint borrower sole proprietor mortgage

Often used by first time buyers, these types of loans enable friends and family members to act as supporting borrowers. Although they will be financially liable for the loan, they will have no ownership rights to the property. This means supporting borrowers could have to cover mortgage payments if the proprietor is unable to do. Any missed payments could impact all the borrowers’ credit ratings.

With so much at stake, it’s important – and sometimes mandatory – to seek independent legal advice before taking out a joint borrower sole proprietor mortgage. The friendly team at Attwaters will help explain the potential risks involved and address any concerns before the transaction is finalised.

Buy to let mortgages and personal guarantees

When a limited company takes out a buy to let mortgage, lenders will often require a personal guarantee from its directors. This means they are personally liable if the company defaults on the loan payments.

For these types of loans, independent legal advice is often a necessity, with many lenders refusing to release funds until they receive a certificate proving that you have discussed the risks. It’s likely you will also need help from a solicitor to set up a personal guarantee. As a legal document, it must be worded correctly and formally counter-signed.Attwaters can help you understand the financial liabilities that come with acting as a personal guarantor for buy to let and other types of mortgages. We can also provide legal services to support the full lifecycle of buy to let properties.

Timely and trusted advice

We know buying a property can be stressful and that time can be a major factor – particularly with mortgage offers. As part of the Attwaters Service Pledge, we take a proactive approach and always endeavour to bring property transactions to a swift and satisfactory conclusion.

Attwaters has also been awarded the Law Society Conveyancing Quality Scheme (CQS) accreditation, which recognises our exceptional standards of client service, professional expertise and risk management.

To find out how our property experts can support you, contact us on 0330 221 8855 or enquiries@attwaters.co.uk or request a quote online. As a full service law firm, we can also assist with other legal processes linked to property transactions, for example transferring equity, setting up trusts or updating wills.